The card, presented by Premier Boxing Champions, will be produced by Showtime and could end up airing on CBS.
The American has been tipped to fight Anthony Joshua at some point in 2018 but will first take on mandatory challenger Ortiz at the Barclays Center, Brooklyn.
Ortiz claimed the positive drug test was caused by medication he was taking to control high blood pressure and the WBC, after an investigation, accepted Ortiz's reason for the positive test and reinstated him in its rankings to make him eligible to fight for Wilder's belt.
After returning with a second-round knockout of Daniel Martz in December, the Cuban has secured a long-awaited meeting with Wilder at Barclays Center.
"The Bronze Bomber" will instead face Ortiz (28-0, 24KOs), who botched his initial shot at Wilder and the green strap on 4 November of previous year when he failed a drugs test and was replaced by Bermane Stiverne.
Wilder entered the ring and said: "I think you're one of the best and I want to prove I'm one of the best".
"Stay by the phone baby, I've been wanting to", Wilder told Ortiz after the fight. I blessed you with this opportunity the first time and what did you do? Luis Ortiz, you will have the fight.
The fight will be Wilder's seventh defence of the WBC heavyweight world title.
Wilder returns to Barclays Center after recently scoring a sensational first-round knockout of Bermane Stiverne on November 4th, last year and previously delivering a highlight reel knockout of Artur Szpilka in January 2016.